Thank you, Lil B. New Year's Eve is exactly the sort of time of year to hear a jam just this fucked up. I imagine that it's going to sound amazing after a few drinks, and brilliant by the time midnight rolls around.
The Seattle Times piece on the song says that it's anti-homophobia.
I say it looks and sounds like the next logical step past Lil Wayne, into that great wide open where you just get fucked up to the point just before you start to lose the ability to enunciate, and then just start flowing.